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Role of the Internet on Global Market

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Role of the Internet on Global Market

The Internet has a great impact on both social and economic aspects of life. The global market is influenced by the internet in various ways. The use of e-commerce website helps to link customers with the suppliers, thus enabling transaction through the internet. In addition, the site provides a range of other services which include fixing prices, coordination as well as processing of transaction, monitoring, and managing stock in some instances. The internet transaction is defined as purchase or sale of services as well as goods which occur between households, businesses, governments, individuals or other private or public organizations and which take place through the internet. With the help of the internet, one can order goods. At the same time, payment and delivery of these goods, as well as services, can be conducted through the internet. E-commerce is also involved in facilitation of payment.

Bank institutions rely on e-commerce to conduct their business. They do this through the use of MasterCard and Visa. Other payments, such as PayPal, that are done outside the bank also utilize the internet. Banks serve all individuals who rely on retail payment online. Credit cards are used for online payment in most countries which are the members of Organization for Economic Cooperation and Development (OECD). Online and banking-based payments are the part of the internet operations. This form of payment  becomes very popular, especially in Europe. The bank in this case is the payment authority. There has been growth in global market owing to the use of the internet. In 2009, for example, more than 80% of retail transactions that were e-commerce and done across Europe resulted from the use of credit cards.

Electronic market is another advantage which changed the way of conducting the business. The internet is used to provide sales of new as well as used merchandise electronically. In most cases, this is done on the basis of auction. Consequently, there is an increased sale of both durable and non-durable goods

            The use of social media, such as Facebook and Twitter, has also contributed to the global market. There are over 1.6 million pages on Facebook which are active. Its fan stands at 5.3 billion. Businesses have been utilizing worldwide the opportunity available in Facebook and other social media to market their products. This has made them increase the sales. Social media act as a bridge between customers and sellers. There was a wide use of social media in US having an increase of about 25% in 2010. Marketers can easily reach the customers as almost all social media sites are free of charge. The Use of the internet has made business faster. There has been a revolution in business. Moreover, the internet replaces memos, faxes, and phone calls. Collaboration between businesses both locally and internationally is easier now. Market barriers owe also the use  of the internet.

Buyers can now get their products at an affordable price, and this is possible due to the use of social media as well as the internet. They are able to choose the products on sale. Many companies currently have websites, thus informing the individuals about the market price . The internet helped to reduce the cost of marketing for various products as well as to increase the market . In both India and Indonesia, the use of social media has led to the rise in marketing of goods and services. Social network in the two countries achieved a growth of about 51.4% in India and 51.5 in Indonesia in 2011, while both in US and UK this growth is very low comprising less than 10% in each country. One strategy which is used when a country faces financial crises is the social network. It has been proved to improve the market, .

            In conclusion, global business can never be possible without the use of internet. In future, it is expected that most business transactions will be done online.

                            

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